With Brexit looming and new immigration rules likely to shake-up the availability of non-UK workers in the UK, interest in retaining talent has never been higher on the business agenda. If predictions are correct, the availability of workers, particularly those skilled in science, technology, engineering and maths (the STEM workers), is likely to fall dramatically following Brexit and the restriction of EU workers coming to the UK.
If businesses are serious about continued growth and success beyond Brexit, they will need to hang on to their key players like never before.There will undoubtedly be plenty of headhunting going on when there’s a shortage of skills, and small businesses could lose out. Ambitious and talented staff will be the ones most likely to be tempted by better offers of pay and conditions.
The loss of good talent from your business could cost you more than you think. Talented and loyal staff help to keep morale high. Lose them and you’ll not only be missing them, your whole workforce could slump inmorale and productivity. Add on the costs of recruiting and training new talent, and you’ll quickly see why you need strategies for staff retention.
There are many facets to running a successful business.Developing proper company policies and procedures, improving communication with your staff, and making sure employees know what is expected of them all make good business sense. A shift scheduler, project management tools and HR software are all great investments to help with the day-to-day running of your business. Your employees are worth some investment too.
Here are 9 brilliant benefits of investing in employee development:
- Improve retention
It’s a fact, poorly trained employees end up leaving within the first year of their job. Invest in your employees from the beginning and you’ll improve retention levels. It’s cheaper to train employees than it is to replace them.
- It pays to promote from within
When employees are properly supported and are able to see that they can move up the ranks and take on more responsibilities, they are more naturally inclined to perform their jobs at a higher level. Promoting from within also means you get employees who are familiar with your company culture, and recruiting replacements at the bottom of the ladder is much cheaper. It promotes loyalty, so will help with your retention levels too.
- Increase engagement and productivity
Employees who enjoy their job and are engaged with their work are more productive. It’s a fact. Investing in staff development is one way you can help your employees to feel more valued. Proper training also makes sure your people are confident in doing their best.
- Great customer service
Engaged employees who are happy in their work give off the same vibe to your customers. Exceptional customer service puts you one step ahead of your competitors. Investing in your employees pays.
- Reduced absenteeism
Employee development creates a positive channel of communication, allowing you to support your employees and know when they are experiencing difficulties. Empathetic employee support and a system of rewards for good performance have a positive impact on absenteeism.
Stress is known to contribute greatly to absenteeism. Understanding your workforce and providing a coherent training programme minimises the risk of work overload and work-related stress.
- Increase job satisfaction
Through continued investment, staff feel much more valued. A sense of value and the ability to progress within the company will have a positive impact on job satisfaction.
- Attract new talent
Implement an attractive employee development programme and you’ll not only retain staff, others will get to hear about it and want to work with you too.
- Stay ahead of competitors
Helping your staff to be the best they can be means your business runs at its optimum. Continual assessment of training and developmental needs will give you the edge over your competitors.
- Identify skills gaps
With an ongoing staff development programme you’ll easily see when a skills gap arises. It means you can support your staff with specialist training, helping them to feel more able and secure in their job.
When you are implementing an employee development programme, it’s important torememberthat your employees don’t just exist in a professional capacity. They are human beings with emotions as well. Endeavour to support your staff on an emotional level. Your employees need to be seen, heard, acknowledged and validated.
Brexit means the future availability of skilled talent is an unknown. If predictions are correct, developing a coherent, holistic personal development programme could benefit your business in more ways than one.
